Dude, why don't you just not invest and leave the rest of us to lose our money? If I want to capitalize someone I should be allowed to. The accredited investor thing is already bad enough.
Because there is large a social cost with allowing regular people and retirement investment funds to waste money in scams. I'm not saying that Slack IPO is a scam. I'm saying that if a majority of public companies cannot turn a profit ever then nobody will ever be able to retire, except the Madoffs that we didn't catch.
The Madoff scam has nothing to do with public companies being unable to turn a profit though.